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Taxpayers need to get ready for e-filing of profits tax returns
The Inland Revenue Department is moving full steam ahead for its project to develop a new tax portal for electronic filing of tax returns by businesses with accounting and financial data.
The first phase of this wider adoption of e-filing will allow all taxpayers to e-file their tax returns on a voluntary basis from 2023. Commencing from 2025, large-scale taxpayers such as multinational enterprises will first be required to e-file their tax returns mandatorily, the aim being to achieve full-scale implementation of mandatory e-filing by 2030. Taxpayers may in future engage service providers to sign e-tax returns on their behalf and then furnish the same to the IRD.
Please refer to this Hong Kong Tax alert for details.